Travel money and the best ways to spend abroad

Whether you’re using travel cash or cards, here’s the best ways to spend on holiday and get a better deal on foreign currency.

Ways to spend abroad

There are various ways you can spend abroad and each has advantages and disadvantages. We compare the different ways to spend when you’re travelling.

Here are three main ways to pay whilst on holiday abroad:

Travel cash: This will need to match the currency of the country you’re visiting. Work out how much you need for your trip so you’re not left short, or carrying around too much.
Prepaid travel cards: You can load the currency you need onto one of these cards before you go and use it like a debit card. You won’t be able to spend more than the amount you load.
Credit or debit cards: You can usually take your existing cards, but they may have expensive fees and charges.

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Spending with foreign currency

Using the local foreign currency is often the easiest travel money option, but it’s not always the best choice.

Pros

It’s accepted almost everywhere
There are no charges for paying in cash
It can help you to budget

Cons

You may lose some or have it stolen
Carrying a large amount is a security risk
You can only spend what you have

lovely sunny holiday

Ordering foreign currency

Each travel money provider will offer a different exchange rate, so always check rates and additional charges before you order.

If you order travel money online, the rate may be better, but there could be additional costs like commission fees and home delivery charges.

Make sure you work out the overall price of the transaction before you order currency online.

Where to get foreign currency

If you opt for foreign currency, here are some of the places you can order, collect or choose delivery. Each travel money provider will have individual rates and charge different fees, so work out the cheapest and easiest option before you buy.

Your bank
A travel agent
An exchange bureau (airport or high street)
An Post
An online travel currency specialist

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Tips for getting the best exchange rate

Getting a good exchange rate gives you more travel money for your euro. Here are a few tips:

Shop around and compare rates from different providers. Some offer an online tool that lets you see how much currency you’ll get in return for your euro.
Order online and collect your order in person, as you’ll usually get a better rate.
Be aware of tiered rates and check which rate you’d get for the amount you need. The more currency you order, the better the rate.
Check the delivery charges if you order online or over the phone. These can vary depending on how much you buy so look at the total cost.
Watch out for commission charges but be aware that commission-free isn’t necessarily the best deal as the exchange rate may be lower.
Don’t buy your currency at the airport as you’ll usually get a bad exchange rate. If time is running out, order online in advance and collect it from the airport.

If you have currency left over at the end of your trip, you can get larger notes converted back to euro, but you may be charged.

Spending with a prepaid currency card

If you don’t want to carry your travel money as cash, but want to control your spending, a prepaid card could work for you.

Pros

Transaction fees tend to be lower than a credit card
Load the card with the amount you need
Reload the card while you’re away
Some cards let you load multiple currencies

Cons

You may be charged each time you make a transaction
Can be expensive to reload the card
You’ll need to apply for the card and wait for delivery
Can be expensive to withdraw cash

How to find the right prepaid card for your trip

Opt for a travel prepaid card which is cheaper to use abroad than a standard one.
Check which currencies you can top up and choose a card that covers the countries you’re visiting.
Shop around: and compare transaction fees because some have zero foreign transaction fees.
Check the cost of ATM withdrawals and maximum daily withdrawal amounts, but avoid withdrawing cash while you’re away as this can be expensive.
Check the reload charges and minimum and maximum loading amounts, but avoid topping up if you can as this can be expensive.
Choose a recognised card scheme that’s accepted where you’re travelling, for example, Visa and Mastercard.

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Spending with a debit or credit card

Taking your debit or credit card away with you seems like a simple solution, but there are many hidden costs you may not be aware of.

Pros

It’s more convenient and safer than carrying cash
You can put a stop on your card if it’s lost or stolen
You have access to more funds if you need them

Cons

You may be charged for every transaction you make
Some retailers and restaurants may not take cards, or apply a minimum spend
You could go overdrawn and be charged

Each time you use your debit card outside the EU, you’re likely to be charged a percentage of the transaction’s value - up to 3%, or the maximum capped amount if lower.

If you travel abroad often, you could save by getting a debit card with zero foreign transaction fees. However, be aware of charges for ATM withdrawals, as these can be much higher.

Debit card charges depend on things like:

Whether your purchase is in euro or another currency
Who you bank with
Whether you’re withdrawing cash or purchasing goods or services on your card

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Credit cards

A versatile and secure payment type, some credit cards in Ireland promise no foreign transaction fees on euro transactions and add nothing to the Mastercard exchange rate.

Pros

Visa and Mastercard are widely accepted worldwide
You can buy now and pay later
You can put a stop on your card if it’s lost or stolen
You get chargeback protection in the EU
Some credit cards offer zero foreign transaction fees or travel perks

Cons

It can be expensive to withdraw cash
You’ll be charged interest on cash withdrawals
Transaction charges are usually the highest
There’s no cap on charges for non EU purchases
You may be tempted to overspend

Outside the EU, you’ll be charged a currency conversion fee (around 1% of the purchase) each time you use your credit card or withdraw money. Typically you’ll pay a percentage of the transaction value, up to 3% too.

Avoid withdrawing cash with your credit card as you’ll also be charged a cash advance fee. Plus, you’ll be charged interest even if you pay your balance in full at the end of the month.

Holiday money euros

So, what is the best travel money option?

The best way to spend abroad depends on many factors, here’s a couple of considerations:

Your budget: Travel cash or a prepaid card is a good option If you want to control your spending.
Your spending needs: A debit or credit card allows you quick and easy access to funds but keep an eye on transaction fees.
Where you’re going: Pay in local currency to avoid on-site transaction fees, especially if you’re travelling worldwide.
The type of holiday: An all-inclusive holiday keeps spending to a minimum so cash is fine, while a shopping trip to New York may require the flexibility and protection of a credit card.

Tips for spending while you’re abroad

Now you’ve sorted out travel money for your foreign trip, here are some other ways to save money and keep costs down whilst travelling abroad.

Tell your bank you’re going away to avoid your bank cards being blocked.
Pay in the local currency rather than in euro, as it’s usually cheaper in local currency.
Have more than one way to pay: Use cash for small purchases and a credit or prepaid card for larger purchases.
Limit the number of card transactions to save on transaction charges, unless you have a card with zero foreign transaction fees.
Say ‘no’ to ATM currency conversions: Don’t let the ATM charge your Irish account in euro, as the exchange rate is usually worse than your bank and you could pay as much as 5% more.
Work out your budget and stick to it: Avoid reloading charges on a prepaid card or ATM withdrawal fees.
Spend loose change and small currency notes before you go home as these can’t be converted back to euro.

Not sure how much you’ll need? Think about how much money you’ll use for food and drink each day, plus travel and excursions, then add a bit extra for emergencies.

Travel money FAQs

Can I use chargeback on foreign transactions?

A chargeback is where you dispute a transaction on your debit or credit card, usually because:

You didn’t authorise the transaction (may be fraudulent)
The transaction went through twice
You didn’t get the goods or services you paid for

If you have disputed transaction occur while on a foreign holiday or business trip, you can still initiate a chargeback process, but contact your bank or card issuer as soon as possible.

If you want to know more about how chargeback works, see our helpful guide about refund rights.

How will my travel money be delivered?

Your travel money will be sent via An Post registered mail if you order within the Republic of Ireland. This means it will be fully insured and a signature will be required upon delivery.

Should I pay in euros or local currency when using my card abroad?

It is recommended that you pay in local currency when on holiday or a business trip. This is to stop extra fees or poor exchange rates being applied at ATMs, shops or restaurants.

If you plan on using a debit or credit card, it’s a good idea to choose one that has zero foreign transaction fees on purchases.

What is the maximum I can load on a prepaid currency card?

Prepaid travel cards typically have maximum load limits between €5,000 and €10,000 euros and minimum loads of €50.

You will need ID like your EU driving licence or passport if you are buying sterling or dollars over €250.

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